In line. Hai-O’s FY04/10 core net profit of RM70.3m (+34.4% yoy) was in line with our but below consensus expectations, accounting for 96% and 92% of our and consensus full year forecasts respectively. In 4Q10, Hai-O proposed a final dividend of 10 sen (less 25% tax) and a single tier dividend of 4.5 sen, bringing FY10 gross dividend to 21.7 sen, which was below our expectations of 24.2 sen. This translates to a net payout of only 46.6%, below the company’s guidance of 50%.
Hai-O Enterprise Berhad : MLM Division Slows Down - 28/06/2010
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